is there any benefit to deducting donations if you're single and have no children?

I usually take the standard deduction. Trying to educate myself. Is there any benefit to deducting donations if you're single and have no children?

8 Answers

  • 3 weeks ago

    As a generalization, unless you are buying a house and paying home mortgage interest and property tax you are not going to itemize on your federal tax return.  Your state may have a different level where it helps.  Mine, California, does.

  • 3 weeks ago

    If you take the standard deduction, you cannot deduct charitable donations.  You need enough deductions overall to exceed the standard in order to make itemizing worthwhile.  

  • 3 weeks ago

    You can't take that deduction unless you itemize deductions (fill out Schedule A.) So if you don't, it becomes a moot point. And usually, you need quite a lot in charitable donations to even make that one pay off. AND--when you get way up there in the amount, the IRS is going to flag your return and possibly audit you for truth about it--you'll need to prove how much you did donate, and how you did it, and WHAT you donated (whether cash or property) and there is an upward limit as to how much of your adjusted gross income you can donate for a deduction. Most people do not keep those sorts of records or donate that sort of money/property. The IRS website has more than the minimal information you have--I would suggest going there and looking up the rules involved. 

  • 3 weeks ago

    It depends on EVERYTHING you didn't state.

    Calculate the itemized deductions you are eligible to claim. Compare that to your standard deduction. Claim whichever is higher.

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  • 3 weeks ago

    Yes.  First, under a new rule, you can deduct up to $300 in deductions even if you take the standard deduction.  (This goes into effect for tax year 2020, which means the first opportunity to deduct it will be when you file in 2021.)

    Second, if your donations (and other deductions) add up to more than the standard deduction (plus the $300), then there is a benefit to deducting your donations (and other deductions) instead of taking the standard deduction.

  • 3 weeks ago

    Only if your deductions exceed the standard deduction will you then save a bit on your tax liability.

  • Anonymous
    3 weeks ago

    It probably is not worth itemizing.

  • Judy
    Lv 7
    3 weeks ago

    has nothing to do with  being single or having children, but you have to itemize to deduct donations.

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